We are pleased to publish full-year results in line with our expectations. Our innovative product offering, appropriate distribution channels, extensive international presence and prudent risk management have all contributed to the significant improvement in our results.
According to global credit insurer Coface, the global economy is on the path of gradual recovery. Global growth, while less vigorous than before the 2008 crisis, continues to follow a moderately accelerating trend. Slight improvements are expected both in advanced countries and in emerging countries.
Global credit insurer Coface reports in its latest economic Panorama that economic activity is gaining strength in the Middle East and North Africa region. Growth is expected to stand at 2.6% in 2014 and accelerate to 3.2% in 2015 on the back of global economic recovery and preliminary signs of political consensus in some countries of the region. However, growth rates will remain below the 2000-2010 average of 5.4%.
Turkey Panorama: Depreciation in exchange rates and sluggish domestic demand affect corporate payment performance01/20/2015
Global credit insurer Coface focuses on in its latest economic Panorama. The currency depre-ciation, which stabilized after Central Bank intervention in January 2014, continues to nega-tively affect company balance sheets. Credit restriction measures introduced at the same time to contain the current accounts deficit have slowed down domestic demand. In line with these developments, Coface has noted impairments in the payment capacities of sectors with pro-duction and sales concentrated predominantly on the domestic market.